Dreading doing your taxes as a homeowner? You’re not alone. But there are a few tax breaks you can take advantage of that may be surprising. Here are seven tips for filing this year.
Take advantage if you were a first-time home buyer
Bought your first home last year? You could qualify for the first-time home buyers’ tax credit (HBTC) of up to $10,000, and it applies to both existing homes and homes under construction.
Track home accessibility updates
If you made your home safer and more accessible — such as by adding walk-in showers, widening doorways, or adding handrails — you can claim the home accessibility tax credit (HATC). Qualifying individuals include those 65 years of age or older, those who qualify for the disability tax credit, and even family members who support someone eligible.
Consider moving expenses
If you moved more than 40 kilometres closer to work or to start a new business location, or if you’re a full-time student who moved to attend a post-secondary institution, you can actually deduct eligible moving expenses. Find out more here.
Claim the GST/HST new housing rebate
If you built or substantially renovated a new home last year, including creating an addition, you could get back some of the GST or HST by claiming the new housing rebate — as long as it’s your primary place of residence.
Use income deductions as a landlord
If you have an income property, such as a condo or even a basement suite, certain expenses like advertising, insurance, repairs and maintenance, and management fees are tax deductible.
Check your working-from-home eligibility
If you worked from home throughout the pandemic, you may have been using the flat rate to claim home office expenses for employees. While this rate unfortunately no longer applies in 2023, you may still meet the eligibility requirements if you worked remotely.
Don’t forget multigenerational home renovations
Did you renovate to allow parents or grandparents to live with you? Starting with 2023 returns, Canadians can claim up to $50,000 with the Multigenerational home renovation tax credit (MHRTC) for renovation expenses used to create a secondary unit in their home. This unit must be occupied by a senior or other qualifying adult.
Have questions about filing your taxes as a homeowner? Give us a call anytime, we’re ready to help.
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